Tiptree announces $200M Warburg Pincus investment in Fortegra for ~26% stake

TIPTREE INC.

Warburg Pincus to invest $200M in Tiptree's insurance subsidiary Fortegra, acquiring ~26% fully diluted stake (press release says ~24%).
Proceeds to repay Fortegra debt and capitalize growth; expected close Q1 2022 subject to regulatory approvals.
Fortegra underwrites over $2.0B annual gross written premiums; Warburg Pincus gets board representation and consent rights.
Investment includes common stock, warrants (7-yr term, $15 exercise price), and 8% cumulative convertible preferred stock ($15 conversion).
Tiptree to hold conference call at 9:00 AM ET Oct 12 to discuss transaction; stock symbol TIPT.

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